2019-2025年1-11月采矿业企业数统计图 数据来源：国家统计局，智研咨询整理 上市公司：甘肃能化（000552），新大洲Ａ（000571），冀中能源（000937），蓝焰控股（000968）， 山西焦煤（000983），电投能源（002128），首华燃气（300483），郑州煤电（600121），兰花科创 （600123），兖矿能源（600188），晋控煤业（601001），中国神华（601088），昊华能源 （601101），陕西煤业（601225） 相关报告：智研咨询发布的《2026-2032年中国采矿业市场竞争态势及投资方向分析报告》 2025年1-11月，采矿业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年起，规模以上 工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为12866个，和上 年同期相比，增加了23个，同比增长0.18%，占工业总企业的比重为2.45%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 ...

上市公司：兴业银锡（000426），电投能源（002128），银泰黄金（000975），北方稀土（600111）， 赤峰黄金（600988），伊利股份（600887），骑士乳业（832786），大唐药业（836433），北方股份 （600262），内蒙华电（600863） 相关报告：智研咨询发布的《2026-2032年中国工业云行业市场深度评估及投资机会预测报告》 2016-2025年1-11月内蒙古自治区工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2025年1-11月，内蒙古自治区工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011 年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元） 为4346个，和上年同期相比，增加了261个，同比增长6.39%，占全国的比重为0.83%。 ...

Group 1 - The core view of the report indicates that the coal market in 2025 experienced a supply surplus, with policies playing a crucial role in stabilizing the market amidst weak demand [2][12][15] - In the first half of 2025, domestic raw coal production remained high, increasing by 5.4% year-on-year, while coal consumption only grew by 0.4%, leading to significant inventory accumulation at ports [14][15] - The report highlights that coal prices fluctuated significantly, starting at 763 CNY/ton at the beginning of the year and dropping to 610 CNY/ton by mid-June, before experiencing a rebound due to seasonal demand and supply tightening [2][12][15] Group 2 - For 2026, the report anticipates improvements in the coal supply-demand balance, with thermal coal prices expected to fluctuate between 650-850 CNY/ton, centering around 750 CNY/ton [2][3] - The supply side is expected to be influenced by policies focusing on safety production and coal price stability, with an estimated peak annual production of around 4.8 billion tons [2][3][30] - The demand side is projected to see a recovery in thermal power generation, while non-electric demand from sectors like chemicals is expected to maintain growth [2][3][30] Group 3 - Investment recommendations suggest prioritizing coal companies with strong growth potential and stable operations, particularly those with high dividend yields in the current low-interest macro environment [2][3] - Specific companies highlighted for growth potential include Yanzhou Coal Mining, China Power Investment Corporation, Huayang Co., and Xinji Energy, while stable long-term investments include China Shenhua Energy and Shanxi Coal and Energy [2][3] - The report emphasizes the importance of monitoring policy changes and market dynamics, particularly regarding production controls and safety inspections, which will significantly impact future coal supply [30][32]

Group 1 - The aluminum industry is witnessing a significant milestone with Hongchuang Holdings (002379.SZ) announcing a major restructuring plan to acquire 100% of Hongtuo Industrial for 63.518 billion yuan, which has been approved by the CSRC as of December 31, 2025. This acquisition sets a record for the largest scale of mergers and acquisitions among private enterprises in A-shares since the "merger six articles" were published [1][21] - This acquisition is expected to create a new aluminum giant with a market value exceeding 100 billion yuan, marking a deep integration of cross-border asset consolidation, industrial upgrading, and capital market reform [1][21] Group 2 - On December 15, 2025, Inner Mongolia Electric Power Investment announced its plan to acquire 100% of the Baiyin Hwa Coal Power from the State Power Investment Corporation, which has received preliminary approval from the State-owned Assets Supervision and Administration Commission. This transaction reflects the accelerating trend of central enterprise restructuring in 2025 [1][21] - The restructuring is part of a broader policy direction from the State-owned Assets Supervision and Administration Commission to concentrate quality assets in listed companies, following previous cases such as China Electric Power's overall listing and Guodian Power's acquisition of renewable energy assets [1][21] Group 3 - In December 2025, a total of 118 merger and acquisition events were disclosed by A-share listed companies, indicating a robust activity in the M&A market [6][26] - The restructuring activities include various sectors, with notable transactions such as Aikang Co. acquiring Dongguan Silicon Xiang for 100% equity and Nanjing Chemical Fiber planning to acquire Nanjing Craft for 100% equity [24][28]

证券研究报告 晨会 hyzqdatemark 2026 年 01 月 12 日 投资要点： 科创 50 1,511.84 2.43% 7.73% 北证 50 1,605.77 5.35% 9.50% 资料来源：聚源，华源证券研究所，截至2026年01月12日 华源晨会精粹 20260112 固定收益 关注边际修复行业的配置机会——信用分析周报：本周信用热点事件：（1） 交易商协会发布《关于进一步规范债务融资工具发行工作的业务提示》；（2）贵州 省人民政府印发《支持推动兴业强县富民一体发展若干政策措施》。本周不同行业 不同评级的信用利差大多有 10BP 以内的压缩幅度，非银金融 AA+信用利差大幅走 扩 20BP。城投债方面，本周不同期限的城投信用利差较上周有 1-4BP 的压缩幅度。 产业债方面，本周产业债信用利差 1Y 短端大幅走扩，1Y 以上大多有不同程度压缩。 银行资本债方面，本周银行二永债 1Y 以内短端利差小幅走扩，3Y 显著压缩，5-10Y 中长端小幅压缩。2025 年下半年以来，"反内卷"政策催化商品价格企稳回升，部 分行业基本面现修复迹象。截至 2026/1/7，有色金属行业存量债券共 290 ...

关于选举职工代表董事的公告 证券代码：002128 证券简称：电投能源 公告编号：2026001 内蒙古电投能源股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 内蒙古电投能源股份有限公司（以下简称"公司"）董事会于 2026 年 1 月 12 日收到公司工会委员会出具的《关于内蒙古电投能源 股份有限公司职工董事选举结果的报告》，公司工会通过召开职工代 表会议，选举职工代表担任董事会职工董事。马轲当选为内蒙古电投 能源股份有限公司职工代表董事（简历附后）。 任期自本报告下发之日起至第八届董事会任期届满时止。 附件： 职工代表董事简历 马轲先生，1979 年生，大学学历，高级经济师。近年曾任中共 国家电投党校副校长，国家电投大学副校长，战略研究院副院长、党 委委员、工会主席。现任国家电投集团内蒙古能源有限公司和内蒙古 电投能源股份有限公司党委副书记、工会主席，内蒙古电投能源股份 有限公司第八届董事会职工代表董事。马轲先生最近五年未在其他机 构（除上述公司外）担任董事、监事、高级管理人员。除上述情形之 外，马轲先生与持有公司 5%以上股份的股东、实际控 ...

从资金流向上来看，当日煤炭开采板块主力资金净流出4460.34万元，游资资金净流出1.65亿元，散户资 金净流入2.1亿元。煤炭开采板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601898 | 中煤能源 | 13.54 | -1.96% | 31.35万 | 4.25 乙 | | 002128 | 电投能源 | 29.26 | -1.81% | 16.59万 | 4.91亿 | | 000571 | 新大洲A | 6.02 | -1.79% | 29.88万 | 1.80亿 | | 600395 | 盘江股份 | 4.87 | -1.42% | 1 21.52万 | 1.05亿 | | 601088 | 中国神华 | 41.86 | -1.39% | 26.09万 | 10.93 Z | | 600758 | 辽宁能源 | 3.79 | -0.79% | 24.50万 | 9275.00万 | | 600508 | 上海能源 | 12.43 | -0.64% | 7 ...

Core Viewpoint - The coal industry is entering a new upward cycle, with fundamental and policy factors aligning, making it an opportune time to invest in coal stocks [5] Price Trends - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 RMB/ton, an increase of 17 RMB/ton week-on-week [2] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1650 RMB/ton as of January 9 [3] - International thermal coal prices show mixed trends, with Newcastle NEWC5500 at 71.8 USD/ton (up 0.3 USD) and ARA6000 at 95.3 USD/ton (down 1.8 USD) [2] Supply and Demand Dynamics - The utilization rate for thermal coal mines is 90.3%, up 8.2 percentage points week-on-week, while coking coal mine utilization is at 85.34%, up 5.7 percentage points [3] - Coastal provinces show an increase in daily coal consumption by 29.90 thousand tons/day (+15.11%), while inland provinces see a decrease of 7.40 thousand tons/day (-1.81%) [4][5] - Chemical coal consumption has increased by 8.36 thousand tons/day (+1.13%) [4] Inventory Levels - As of January 8, coal inventory in coastal provinces decreased by 111.60 million tons (-3.17%), while inland provinces saw a larger drop of 409.00 million tons (-4.15%) [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a recommendation to invest in quality coal companies [7] - Companies such as China Shenhua, Shaanxi Coal, and others are highlighted for their stable operations and strong performance [7] - The coal market is expected to remain tight in the next 3-5 years, with a focus on the potential for price increases and valuation recovery [6][7]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Aluminum prices have reached new highs, and the profitability of electrolytic aluminum continues to expand [3] - Copper prices are expected to experience high-level fluctuations due to inventory accumulation and supply disruptions [5] - Lithium demand remains strong, with a reversal in supply and demand dynamics leading to an upward trend in lithium prices [76] - Cobalt prices are expected to continue rising due to tight raw material supply [88] Summary by Sections 1. Industry Overview - The U.S. December ISM Manufacturing PMI was reported at 47.9, below expectations [9] - The U.S. December non-farm employment figure was 50,000, also below expectations [9] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with an 8.56% increase compared to a 3.82% increase in the index [11] - The sector ranked fourth among all sectors in terms of performance [11] 3. Valuation Changes - The TTM PE for the non-ferrous metals sector is 30.92, with a change of 1.69 [21] - The PB for the sector is 3.81, with a change of 0.20 [21] 4. Industrial Metals - Copper prices increased by 3.84% for London copper and 3.23% for Shanghai copper [26] - Aluminum prices rose by 5.02% for London aluminum and 5.47% for Shanghai aluminum, with aluminum enterprise profits increasing by 23.33% to 8,463 CNY/ton [36] - Lead and zinc prices also saw increases, with lead prices up by 1.57% and zinc prices up by 0.38% [47] 5. Energy Metals - Lithium prices saw significant increases, with lithium carbonate rising by 18.14% to 140,000 CNY/ton [76] - Cobalt prices increased by 2.61% to 25.53 USD/pound, while domestic cobalt prices fell by 6.53% to 458,000 CNY/ton [88]

丨证券研究报告丨 行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 供给收缩预期升温，布局正当时 报告要点 [Table_Summary] 如何看待后续煤价走势和 2026 年煤炭配置机会？我们认为，本轮煤炭行情的驱动因素主要来 自供给收缩预期升温、寒潮需求支撑与中长期高股息配置价值的共振，煤价反弹仍有空间。不 过，后续仍需关注政策落实情况以及其他地区核减产能是否跟进。整体来看，尽管 2026 年煤 价改善之路或并非一帆风顺，但我们认为，考虑到 2026 年煤炭需求改善可期、反内卷大背景 下存量供给产能利用率依旧受限，供需改善下煤价中枢仍有望提升。岁末年初险资有望增配煤 炭板块，当前时点建议继续重视煤炭红利配置机会。 分析师及联系人 [Table_Author] 肖勇 赵超 叶如祯 庄越 韦思宇 SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 请阅读最后评级说明和重要声明 %% %% %% %% researc ...